Iran Denies Report That It Tried To Seize Oil Tankers
Portfolio Pulse from Happy Mohamed
Iran has denied reports that it attempted to seize oil tankers, according to Reuters citing state TV. The US-listed ETF, United States Oil Fund (USO), may be indirectly affected by this news.
July 05, 2023 | 6:41 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be indirectly affected by the news of Iran denying reports of attempting to seize oil tankers. Any geopolitical tensions involving oil can influence oil prices and thus the performance of USO.
While the news does not directly involve USO, any geopolitical tensions involving oil can influence oil prices. As USO's performance is tied to the price of oil, any significant changes in oil prices due to geopolitical events can impact the ETF. However, as Iran has denied the reports, the impact may be neutral in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50